Tuesday, March 28

As Nigeria Slides Into Economic Meltdown

By Prof. Kingsley Moghalu (Former Deputy Governor of CBN)

As I see and feel Nigeria’s slide into economic meltdown, I am nostalgic about our leadership of the Central Bank of Nigeria (CBN) of our time from 2009-2014 under Sanusi Lamido Sanusi. We fought inflation down into single digits, stabilized our wobbly banks, kept the naira-dollar rate at N160/$1.

We reformed the payments system space, restructured the banking model from a one-size-fits-all to a tiered banking structure of global, national and regional banks.

As Deputy Governor for Financial Stability I led the supervision of 24 commercial banks with 57 subsidiaries in 31 countries, 5 development banks, 100 finance houses, 900 Microfinance banks, Non- Interest (Islamic) Banks and 3,000 Bureaux de Change (BDC). I was the final approving authority for the appointment of bank CEOs and members of boards of directors, as well as licenses for BDCs. But I took no shares in any bank and up till today do not own any BDC.

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